This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Micronetics Reports $35.3M In Net Sales For Fiscal Year 2011

Stocks in this article: NOIZ

Micronetics, Inc. (NASDAQ:NOIZ) today reported results for its fourth quarter and fiscal year ended March 31, 2011 ("FY 2011").

Net sales were $9,344,494 for the quarter ended March 31, 2011, an increase of $219,076 or 2% as compared to $9,125,418 for quarter ended March 31, 2010. For FY 2011, the Company reported net sales of $35,296,705 as compared to net sales of $34,867,746 for the fiscal year ended March 31, 2010, an increase of $428,959 or 1%.

For the quarter ended March 31, 2011, the Company reported net income of $444,137 or $0.10 per diluted share as compared to net income of $469,429 or $0.10 per diluted share, for the quarter ended March 31, 2010. For FY 2011, net income was $1,517,827 or $0.33 per diluted share, as compared to net income of $1,147,830 or $0.25 per diluted share for FY 2010.

The increase in net sales for the fiscal year is primarily attributable to an increase in sales of integrated component sub-systems for defense jamming and electronic modernization of approximately $0.9 million, and an increase in component sales of approximately $1.6 million. These increases were offset by a decrease of approximately $0.7 million related to the beta test portion of a purchase agreement for a radio frequency identification system product line (“RFID”) application and a decrease of approximately $1.4 million related to a space based components application.

David Robbins, Micronetics CEO stated, "We are pleased with our strong core bookings, our backlog level, and our future revenue outlook. In the coming quarters we look to continue converting backlog into profitable revenue. At the same time, we expect to see significant integrated subsystem bookings in support of defense and electronics systems modernization, jamming, and in-flight data links.

Micronetics manufactures microwave and radio frequency (RF) components and integrated subassemblies used in a variety of defense, aerospace and commercial applications. Micronetics also manufactures and designs test equipment and components that test the strength, durability and integrity of communication signals in communication equipment. Micronetics serves a diverse customer base, including BAE Systems, Boeing, Cobham, EADS, General Dynamics, ITT, L-3 Communications, Lockheed Martin, Northrop Grumman, Raytheon, Rockwell, Teradyne, and Thales. Additional information can be found on our website at

Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to reductions in spending by certain of our customers, yearly and quarterly fluctuations in our operating results, trends and factors affecting our markets which may reduce demand and pricing pressure on our products, our reliance on a limited number of customers, risk that federal government contracts may be terminated at any time, factors which may negatively affect our gross margins, our ability to attract and retain key technical and management personnel, our ability to operate and integrate acquired companies, our ability to manage our growth, disruptions in supply or production, increased levels of debt, our ability to protect our proprietary information, future economic conditions in our industry and generally, as well as other factors. The information in this release should be reviewed in conjunction with Micronetics' Annual Report on Form 10-K for its fiscal year ended March 31, 2011 as well as its other filings with the Securities and Exchange Commission.

INCOME STATEMENT DATA (Unaudited) ($000s omitted except per share data)
Ended March 31,
2011   2010
Net sales $ 9,345 $ 9,126
Gross margin 2,741 3,038
Research and development 513 452
Selling, general and
administrative expenses 1,518 1,536
Amortization of intangibles 73 87
Other expense 40 94
Income before income taxes 597 869
Provision for income taxes 153 399
Net income 444 470
Earnings per common share:
Basic 0.10 0.10
Diluted 0.10 0.10
Weighted average shares
Basic 4,556 4,554
Diluted 4,565 4,554
($000s omitted except per share data)
Ended March 31,
2011   2010
Net sales $ 35,297 $ 34,868
Gross margin 11,552 11,703
Research and development 1,791 1,709
Selling, general and
administrative expenses 6,899 7,250
Net loss on disposal of assets 4 --
Amortization of intangibles 321 348
Other expense 238 390
Income before income taxes 2,299 2,006
Provision for income taxes 781 858
Net income 1,518 1,148
Earnings per common share:
Basic 0.33 0.25
Diluted 0.33 0.25
Weighted average shares
Basic 4,555 4,554
Diluted 4,566 4,554
($000s omitted)
Ended March 31,
2011   2010
Cash and cash equivalents $ 745 $ 482
Working capital 9,608 8,744
Total assets 29,548 26,965
Non-current liabilities 1,593 2,822
Shareholders' equity 14,934 13,340

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,457.50 +100.63 0.58%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs